TRUE OR FALSE 1: MULTIPLE CHOICE - PROB

Answer Explanation MULTIPLE CHOICE - PROB

1 1. False Letter
2 2. False (it depends upon the type of properties or services sold) 1 1. C, (P250,000 + P100
3 3. True 2 2. B
4 4. True 3 3. A
5 5. False (employment is a distinct type of undertaking separate from business) 4 4. B
5 A. An investor is not su
TRUE OR FALSE 2:
Answer Explanation MULTIPLE CHOICE - PROB
1 1. False (exempt from business tax but not to income tax) Letter
2 2. False (still an employee) 1 1. C, (P200,000 + P300
3 3. True 2 2. C. 20th day from the
4 4. False 3 3. D. The calendar qua
5 5. True 4 4. D, (P80,000 + P20,0
5 5. C, Other sales did no
TRUE OR FALSE 3:
Answer Explanation
1 1. True
2 2. True
3 3. True
4 4. False
5 5. False

TRUE OR FALSE 4:
Answer Explanation
1 1. False (quarterly effective January 1, 2018)
2 2. False
3 3. True
4 4. True
5 5. True

TRUE OR FALSE 5:
Answer Explanation
1 1. False (always percentage tax)
2 2. True
3 3. False
4 4. False (rates vary from ½ of 1% to 30%)
5 5. False (not all, except those who derives only exempt sales or receipts from services specifically subject to percentage ta
ULTIPLE CHOICE - PROBLEMS - Answers (amount) must be linked on the corresponding solution. NO POINT IF NOT LINKED.
ULTIPLE CHOICE - PROBLEMS 1 Show your solutions/computations below:
Answer (Amount) - Must be arranged in the order of the questions.
1. C, (P250,000 + P100,000) - Use more than one line and/or column, as necessary.
- Highlight the final answer that is linked in COLUMN G "Answer (Amount)"

Note: The sales do not pertain to the broker because the securities sold are not his inventories.
A. An investor is not subject to a business tax. Only dealer of securities (those engaged in buy-and-sell of securities) are subject to busine

ULTIPLE CHOICE - PROBLEMS 2

Answer (Amount)
1. C, (P200,000 + P300,000 – P40,000 + P20,000) = P480,000
2. C. 20th day from the end of the month.
3. D. The calendar quarter ends September 30, 2020; hence, the deadline of the quarterly VAT return is October 25, 2020.
4. D, (P80,000 + P20,000 advances + P40,000 OPC) = P140,000
5. C, Other sales did not exceed P3,000,000.

y subject to percentage tax)

 POINT IF NOT LINKED.

wer (Amount)"

ecurities) are subject to business tax.

ctober 25, 2020.